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SBI Bank Overdraft, SBI Bank Overdraft Interest Rate

State Bank of India (SBI) offers all its account holders an overdraft facility with minimum interest rate who meet the eligibility criteria.

SBI Overdraft against Time Deposit

SBI offers its overdraft facility to the customers who hold time deposit or FD. Customers can get up to 90% of the FD amount as an overdraft. Through such overdraft, they can meet their emergency expenses and other needs. Overdraft facilities by the SBI are provided against some type of security, here against an FD.

Interest Rate of SBI Overdraft against Time Deposit

1% above relative time deposit rate

SBI Overdraft Fees and Charges

FeeAmount
Processing feeNil
Tenure12 months
Foreclose chargesNil

Key Features of SBI Overdraft against Time Deposit

  • SBI Overdraft against Time Deposit is a secured type of an overdraft
  • A borrower can draw upto 90% of FD by way of overdraft
  • Borrower can repay the outstanding as per his convenience

    • SBI Online Overdraft against Deposit

    SBI provides an overdraft facility against existing NRE / NRO fixed deposit through internet banking. Persons having their FD accounts in single name only are eligible for this type of online OD faciity.

    SBI Overdraft Salient Features

    • Account holder of SBI holding NRE / NRO deposit account in single name can avail SBI's overdraft facility against Deposit online via YONO app
    • Applicable interest rate on overdraft will be 1% more than the linked deposit
    • It is a secured overdraft
    • Processing fee is nil to avail this facility
    • Suitable repayment schedule is designed under this facility

    SBI Overdraft Eligibility

    • SBI Online OD against Deposit is available to customers having NRE / NRO Fixed Deposits in single name only. This FD can be of TDR / STDR / eTDR / eSTDR type.
    • FD should be with a minimum residual period of 6 months. Joints holder FDs are not eligible for overdraft under the scheme.

    SBI Overdraft Limit

    • TDR (Term Deposit Receipt) /eTDR: 75% of the face value of deposit
    • STDR (Special Term Deposit Receipt)/eSTDR: 90% of the face value of deposit

    SBI Overdraft Amount

    Minimum: Rs. 25,000
    Maximum: Rs. 5 crores

    Process of applying for SBI Online Overdraft against Deposit

    You need to go through following process for applying for SBI Online OD against Deposit:

    1. Login to your INB account
    2. Click on 'e-Fixed Deposit' tab
    3. Click on 'Overdraft against Fixed Deposit' from the column on left hand side
    4. Select the FD against which you want to open overdraft
    5. Proceed further as asked by the application

    SBI Overdraft Tenure

    • TDR (Term Deposit Receipt) /eTDR: 3 years or remaining maturity period of FD (whichever is lower)
    • STDR (Special Term Deposit Receipt)/eSTDR: 5 years or remaining maturity period of FD (whichever is lower)

    Note: The monthly/ quarterly/ half yearly interest payable on TDR/eTDR will continue to be credited to the account.

    SBI Xpress Flexi Personal Loan OD

    An overdraft personal loan for salaried customers with a monthly salary of at least Rs.50,000. You can use this amount to meet any of the following expenses,

    • A wedding expenses
    • A vacation
    • An emergency
    • Any purchase

    Features of Xpress Flexi Personal Loan

    • Minimal documentation
    • No annual maintenance charges
    • There are nil hidden costs
    • Low interest rates
    • Low processing charges
    • Security is not required to avail this OD
    • No pre-payment penalty

    Eligibility Criteria for Xpress Flexi Personal Loan

    • Applicant should be working with Central/ State/ Quasi Governments, Defense/ Central Armed Police/ Indian Coast Guard, Central & State PSUs, Corporates, etc.
    • Applicant should maintain Diamond, Platinum or Rhodium category Salary Package Account with SBI.
    • Minimum Net Monthly Salary of the applicant should be Rs.50,000.

    OD Amount under Xpress Flexi Personal Loan

    SBI Xpress Flexi Personal Loan ODAmount
    MinimumRs. 1,00,000
    MaximumRs. 25,00,000, subject to 24 times NMI & EMI/ NMI Ratio upto 65%

    Repayment Period of Xpress Flexi Personal Loan

    SBI Xpress Flexi Personal Loan ODAmount
    Minimum6 months
    Maximum72 months or remaining period of service (whichever is lower)

    SBI Overdraft FAQs

    The minimum amount that can be availed under SBI Overdraft is Rs. 5,000

    No. Presently, there is no provision for closure of overdraft account through internet banking.

    Cut-off time for the online opening of overdraft facility is between 8:00 hrs to 20:00 hrs IST.

 

Bank Overdraft